Commercial Real Estate & Business News – May 2, 2024

Average asking rent growth in Phoenix’s apartment market remained modestly positive in March, up 0.03% for the month, while rents rose 0.7% overall in the year’s first quarter, the most significant three-month increase since the second quarter of 2022. The improvement to...»

As traditional indoor malls grapple with the challenge of remaining relevant as shopping patterns and preferences change, one Phoenix-based developer of large-scale, open-air shopping centers remains bullish about Phoenix’s need for new retail development. Vestar, the…»

The Monroe office tower in downtown Phoenix could soon have a new owner. The 19-story building at 111 W. Monroe St. is being listed for $24 million, or about $94 a square foot. “We’ve been in the market a couple of months and have been conducting tours and really entertaining…»

The multifamily fall from grace over the last couple of years was unexpected by most at the market’s pandemic highs. The increase in interest rates have hit hard, as have some other factors. But according to Ralph Rosenberg, partner and global head of real estate at global…»

It didn’t take long for market optimism to fade after last week’s release of the economy’s health in the first quarter. The Commerce Department reported that the economy expanded by 1.6% (annualized and seasonally adjusted) in the first quarter over the prior three-month period…»